WTI crude oil futures hovered around $58 per barrel on Monday after a three-day decline, as investors weighed the possibility of a peace deal between Russia and Ukraine. Senior US and Ukrainian officials said Sunday that progress was being made on a US-backed proposal aimed at ending the conflict. US Secretary of State Marco Rubio described the discussions in Geneva as “very worthwhile,” calling it the most productive day in “a very long time,” while also downplaying the Thursday deadline set by President Trump for Ukraine’s response. However, many European allies are concerned that the plan may be overly accommodating to Moscow. If an agreement is reached, it could lift sanctions on Russian oil, a scenario that could bring more barrels back to a market already facing a significant surplus next year. WTI has fallen more than 4% so far this month and is on track for a fourth monthly drop, its longest losing streak since 2023.
